Group 1: General Information - Report title: Carbonate Lithium Futures Daily Report [1] - Date: December 23, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operational Suggestions - Carbonate lithium futures reached a new high this year, with total positions increasing by 26,408 lots, and the 05 - 01 spread widening to 1,900. Spot electric carbon rose 1,350 to 99,000. The trade market's premium/discount to the main contract was reported at (-3,500, -1,500). Australian ore rose 50 to 1,385, lithium mica ore rose 85 to 2,920, ternary materials rose 500 - 1,000, iron - lithium rose 315 - 330, and electrolyte remained flat [9]. - The slowdown in demand at the end of the year was obvious. The weekly production of power lithium batteries, ternary, and iron - lithium all slowed down last week, and the weekly de - stocking volume slowed down for three consecutive weeks [9]. - Overall, there was an expected difference on the supply side of carbonate lithium, and demand slowed down slightly. It was expected that the de - stocking intensity of carbonate lithium would stop falling and rise, and carbonate lithium futures were prone to rise and difficult to fall [9]. Group 3: Industry News - Over 60% of global key mineral demand was met through international trade, making the global supply chain vulnerable to geopolitical tensions, export controls, and refining bottlenecks. The supply - side vulnerability was increasing as the demand for major energy - transition minerals was expected to rise sharply by 2040. Copper and nickel markets might face shortages in the mid - 2030s, and lithium supply was concentrated in a few countries, with the concentration of the refining segment increasing from about 82% in 2020 to 86% in 2024. Governments had accelerated their responses, with the number of key mineral policies issued since 2020 nearly doubling that of the previous two decades [12]. - Battery metals such as lithium, nickel, and cobalt had faced a third difficult year, struggling to digest the supply wave after the 2022 price surge. However, the electric vehicle revolution continued, and the demand for batteries and battery - forming metals was still growing rapidly. Chinese companies were leading a technological revolution to develop more powerful batteries at lower costs. Not all battery metals would succeed in the intense competition. In the first 11 months of 2025, global electric vehicle sales increased by 21% year - on - year to 18.5 million. The Chinese electric vehicle market was mainly dominated by lithium iron phosphate (LFP) batteries, which were safer, cheaper, and had a narrowing performance gap compared to NCM batteries. In 2024, LFP batteries accounted for 48% of global electric vehicle batteries, and Macquarie Bank expected this proportion to rise to 65% by 2029 [13].

Core Viewpoint - The resumption of lithium mining at the Jiangxi Yichun Jianxiawo mine by Ningde Times is progressing, with the first environmental impact assessment (EIA) information publicized, indicating a series of necessary approvals and permits are still required for normal operations [1][3]. Group 1: Project Updates - The Jiangxi Yichun Jianxiawo lithium mine project is undergoing its first EIA public notice as part of the approval process for mining operations [1]. - Ningde Times has submitted an application for the extension of mining rights to the Jiangxi Yichun Natural Resources Bureau, as the mining license expired on August 9, 2023 [1]. Group 2: Regulatory Context - Under the old regulations, lithium mica was classified under "other non-ferrous metal ores" or "ceramic clay minerals," affecting tax calculations, with a lower tax rate of 3.25%-6.5% applicable for ceramic clay [2]. - The new Mineral Resources Law, effective July 1, 2025, will classify lithium as an independent mineral, raising the standards for by-product mineral recognition, which may impact the mining strategy for the Jianxiawo mine due to its average lithium oxide grade of only 0.27% [2]. Group 3: Future Steps - After the EIA public notice process, Ningde Times will need to obtain various departmental approvals and complete additional work to secure a safety production license before resuming normal mining operations [3].

Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 17, 2025 [2] - Research Team: Non-ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Highlights 1. Investment Rating - No investment rating information provided. 2. Core View - Carbonate lithium futures are oscillating at a high level. Affected by weak market sentiment, the main contract of carbonate lithium futures once fell below 100,000. The 05 - 01 spread on the disk narrowed slightly to 1,860. The spot price of electric carbon increased by 700 to 95,850. The discount of the trading market to the main contract widened to (-3,200, -1,000). The price of lithium spodumene ore increased by 40 to 1,260, the price of lithium mica ore increased by 80 to 2,700, the price of ternary materials increased by 200 - 250, the price of iron - lithium increased by 165 - 170, and the price of electrolyte remained flat. The upward price trend in the industrial chain is stable, but the inventory reduction in social warehouses has slowed down, and the fundamental support momentum has weakened. In the short term, attention should be paid to the previous high pressure level. However, with the rising prices in the industrial chain, carbonate lithium futures are expected to be more likely to rise than to fall [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Carbonate lithium futures are in high - level oscillation. The main contract was affected by weak market sentiment and once fell below 100,000. The 05 - 01 spread narrowed slightly. The spot price of electric carbon, lithium ore, and some materials increased, while the electrolyte price remained unchanged. The price increase trend in the industrial chain is stable, but the inventory reduction in social warehouses has slowed down, and the fundamental support has weakened. It is expected that the futures are more likely to rise than to fall, and short - term attention should be paid to the previous high pressure level [9]. 3.2 Industry News - **M&A News**: Canadian lithium - mining developer Li - FT Power announced a binding agreement to acquire all issued shares of Australian listed company Winsome Resources for approximately $86.8 million. After the transaction, Winsome shareholders will hold about 35.3% of the merged company. Winsome's core asset is the Adina lithium - mining project, which is one of the top five lithium - resource projects in North America, with proven resources of 1.4 million tons of lithium oxide (grade 1.14%) and inferred resources of 16.5 million tons of lithium oxide (grade 1.19%) [12]. - **Distributed Energy Storage Report**: From 2019 to September 2025, the cumulative installed capacity of domestic distributed energy storage (connected at a voltage level below 35kV and with a power scale ≤6MW) increased from 570MW to 3,638MW. Since 2024, the growth rate has accelerated significantly. Jiangsu, Guangdong, and Zhejiang rank in the top three in terms of cumulative installed capacity. In different application scenarios, industrial and commercial energy storage accounts for 68.70%, followed by grid - side distributed energy storage at 8.30% and new energy - supported energy storage at 7.09%. Lithium - ion batteries account for 92.77% of the domestic distributed energy - storage installed capacity [12].

Core Viewpoint - The recent actions in Yichun, known as "Asia's Lithium Capital," include the proposed cancellation of 27 mining licenses, coinciding with a significant rise in lithium carbonate futures prices, which have surpassed 100,000 yuan [1][3]. Group 1: Mining License Cancellations - Yichun's Natural Resources Bureau plans to cancel 27 mining licenses, with a public notice period of 30 working days before the final announcement [3]. - The licenses set for cancellation include various types of minerals, with 17 being ceramic clay and 7 limestone, among others, including lithium-bearing minerals [4]. - High An Mining Development Co., Ltd. is notably affected, with four licenses up for cancellation, all expiring on April 25, 2024 [3][4]. Group 2: Company Background - Yichun Mining Co., Ltd. was established in January 2013 as a state-owned enterprise to manage lithium resources in the region, ensuring a stable supply for the local lithium battery industry [4]. - The company operates under a unified policy and management system to oversee the development of lithium resources in Yichun [4]. Group 3: Industry Context - Yichun is recognized as one of China's four major lithium mining regions, holding the largest lithium mica reserves in Asia, which is critical for the lithium battery supply chain [4]. - The mining licenses primarily pertain to non-lithium minerals, such as ceramic clay and kaolin, indicating a focus on these materials rather than direct lithium extraction [5].

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Futures Market: Carbonate lithium futures prices rose significantly, with total positions increasing by 77,114 lots. After the evaluation report of the Jianxiawo mining area was released, the resumption time of the mine was postponed, and strong demand led to a short - term influx of funds. However, the current futures market sentiment is more exuberant than the spot market, and there is a high risk of short - term chasing [11]. - Spot Market: The price of electric carbon increased by 350 to 80,750. The spot price was significantly at a discount to the futures price. The price increase of lithium hexafluorophosphate and electrolyte slowed down. The price of Australian ore increased by 55 to 995, lithium mica ore increased by 60, ternary materials increased by 100 - 1,500, and lithium iron phosphate increased by 80 - 90. The industrial chain is still in the price - rising channel [11]. Group 3: Industry News - Copper in Data Centers: As the power density of AI servers exceeds 100kW/cabinet, high - speed copper cables are gradually replacing some optical modules as the mainstream choice for internal interconnection in data centers. In 2026, the global copper demand in data centers is expected to reach 710,000 tons, with AI - related scenarios contributing over 40% of the increase [12]. - Fortune Minerals: Fortune Minerals received a binding loan offer of CAD 3.8 million (about USD 2.7 million) from Prosper NWT. The loan will help the company acquire a refinery and existing facilities in Lamont County, Alberta. The company plans to build a hydrometallurgical plant there to process concentrates from the NICO cobalt - gold - bismuth - copper mine. The NICO project is in the late - stage development phase, and the mine's core deposit has a reserve of 33.1 million tons [12]. - NICO Project Funding: In March, the NICO project received additional funding support from the Canadian and US governments. The Canadian domestic funding reached CAD 7.5 million (about USD 5.5 million), covering 75% of the CAD 10 million additional engineering and testing work. The US Department of Defense awarded the company USD 6.38 million to expand cobalt production capacity [13]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Due to the faster - than - expected news of the resumption of production at Ningde Times' Jianxiawo Mine, the morning trading of lithium carbonate futures opened sharply lower, and the price almost recovered the gains from the supply - side production cut hype in August. Although there is uncertainty about the resumption of production, market sentiment improved slightly. The spot price center shifted downwards, and downstream material factories were actively pricing at low points. In the context of industry overcapacity, the willingness of holders to hold up prices is weak. The impact of the resumption of production at Jianxiawo Mine on the spot market is difficult to be fully absorbed by demand. It is recommended to wait for the risk to land before taking unilateral actions [9]. 3. Summary by Relevant Sections 3.1 Market Review and Operation Suggestions - **Market Performance**: Affected by the news of the resumption of production at Ningde Times' Jianxiawo Mine, the morning trading of lithium carbonate futures opened sharply lower, with the main contract reaching a minimum of 68,600. The price almost recovered the gains from the supply - side production cut hype in August. Although an insider said there was uncertainty about the resumption, the market sentiment improved limitedly, and the main contract barely stood above 70,000 at the end of the session. The spot price center moved down, with electric carbon dropping 1,150 to 73,450. Downstream material factories were actively pricing at low points due to rigid procurement demand during the peak season [9]. - **Raw Material Prices**: Australian ore dropped 45 to 805 US dollars per ton, and lithium mica ore dropped 50 to 1,815 yuan per ton. The profit of salt factories improved, with the production loss of salt factories purchasing lithium mica narrowing to 7,321 yuan per ton and that of salt factories purchasing lithium spodumene narrowing to 1,507 yuan per ton [9]. - **Operation Suggestions**: In the context of industry overcapacity, the willingness of holders to hold up prices is weak. The impact of the resumption of production at Jianxiawo Mine on the spot market is difficult to be fully absorbed by demand. It is necessary to continue to pay attention to the implementation of the resumption of production at Jianxiawo Mine, and it is recommended to wait for the risk to land before taking unilateral actions [9]. 3.2 Industry News - **Galan Lithium's Project Progress**: Australian Galan Lithium announced that the first - phase construction of its Hombre Muerto West (HMW) lithium salt project in Argentina has made significant progress. The design of Pool 4 has been completed, which will support an operation of 4,000 tons per year of lithium carbonate equivalent. The construction of a nanofiltration plant in Sydney is in progress. The project has a mid - term goal of achieving an annual output of 21,000 tons of LCE in 2026, 40,000 tons in 2028, and potentially increasing to 60,000 tons in 2030 [12]. - **Ningde Times' Mine Resumption**: On September 10, it was learned that Ningde Times' subsidiary Yichun Times New Energy Mining Co., Ltd. held a "Jianxiawo Lithium Mine Resumption Work Meeting" on September 9 to discuss the resumption of production at the Jianxiawo Lithium Mine. The goal is to complete the resumption of production by November this year, but it is uncertain whether this goal can be achieved, and it may be adjusted according to the actual progress. Investors are advised to view market news rationally [12][13].

Group 1: Report Summary - The report is a daily report on lithium carbonate futures dated August 22, 2025, written by researchers Zhang Ping, Yu Feifei, and Peng Jinglin from the Nonferrous Metals Research Team of Jianxin Futures [2][3][4] Group 2: Market Review and Operation Suggestions - Lithium carbonate futures stopped falling, and the market selling sentiment eased. The logic of production cuts at the lithium resource end still exists, and the futures once turned positive. The spot price of electric carbon dropped by 500 to 85,200, with the spot at a premium to the futures, showing resistance to decline [9] - Australian ore remained flat at 960, lithium mica ore dropped by 15 to 2,110, the price of 5-series power ternary materials remained flat, and lithium iron phosphate dropped by 125. The short - term price decline led to price cuts in both upstream and downstream of the industrial chain [9] - The production profit of salt plants purchasing lithium spodumene narrowed to 3,613, and the production loss of salt plants purchasing lithium mica widened to 2,995. This week's weekly lithium carbonate production decreased by 842 tons to 19,138 tons compared with last week, and social inventory decreased by 713 tons to 141,543 tons. Production is still at a relatively high level, and it is judged that the inflection point of social inventory has appeared [9] - With the spot at a premium and the market's enthusiasm for speculating on ore - end production cuts remaining high before the end of September, it is expected that the downward space for lithium carbonate prices is limited [9] Group 3: Industry News - The Ningxia - Hunan ±800 kV UHV DC transmission project was put into operation on August 20. It is China's first approved UHV transmission channel mainly for transmitting new energy from large - scale wind and photovoltaic bases in the "Sahara - Gobi - Desert" area. The project has a supporting power generation capacity of 17.64 million kilowatts, including 13 million kilowatts of new energy (4 million kilowatts of wind power and 9 million kilowatts of photovoltaic power) [12] - Premier African Minerals announced that its Zulu lithium project has made a major breakthrough, transitioning from the commissioning phase to the refining optimization phase. The project has successfully produced salable spodumene concentrate with a lithium oxide grade of over 5% (up to 6.2%) and achieved full - process automated continuous production [12][13]

Group 1 - The domestic futures market for non-ferrous metals showed a downward trend, with lithium carbonate futures main contract closing at 87,540.0 yuan/ton, down 1.79% [1] - In the spot market, prices for various lithium-related materials increased, including a rise of 1,900 yuan to 84,600 yuan for electric carbon and 500 yuan for ternary materials [1] - Weekly lithium production increased by 424 tons to 19,980 tons, with lithium spodumene production rising by 477 tons to 11,659 tons, while lithium mica production decreased by 510 tons to 3,900 tons [1] Group 2 - Market sentiment improved due to the upcoming expiration of a safety production license for a large mica mine in Jiangxi, leading to cautious upward movement in lithium prices [2] - The domestic demand for lithium is showing signs of recovery as downstream purchasing attitudes shift in response to the strong trend of lithium carbonate [1][2] - Short-term lithium prices may experience upward movement driven by market sentiment, but the extent of the increase is expected to be limited due to regulatory factors and local oversight [2]

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: August 19, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - **Market Performance**: Carbonate lithium futures rose significantly, with the main contract breaking through 90,000 yuan during the session. The spot price of electric carbon increased by 1,900 yuan to 84,600 yuan, Australian ore rose by 45 to 1,035, lithium mica ore rose by 85 to 2,185, 5-series power-type ternary materials rose by 500, and lithium iron phosphate rose by 515. The production profit of salt plants purchasing lithium spodumene narrowed to 1,069, and the production loss of salt plants purchasing lithium mica expanded to 4,968. The current futures price has a premium of over 4,000 yuan over the spot price [12]. - **Main Drivers**: The rise was mainly due to the news that the mining license of Qinghai Xitai Jinaier Salt Lake of CITIC Guoan expired, and short - term disturbances in the resource side were the main cause of lithium price fluctuations [12]. - **Outlook**: The high supply is expected to remain unchanged in the short term, but the market's short - term trading sentiment is still concentrated on the production cuts and suspensions in the lithium resource sector. It is expected that the price of carbonate lithium is likely to rise and difficult to fall [12]. Group 3: Industry News - **Ganfeng Lithium**: On August 18, Ganfeng Lithium stated on the interactive platform that the future reversal of lithium prices depends on the intensity of supply - side clearance and the pace of demand growth. The company is optimistic about long - term lithium demand, will adjust production capacity flexibly and optimize hedging strategies, and the current volume of carbonate lithium futures hedging is low [13]. - **India's Policy Proposal**: India proposed to reduce the goods and services tax for entry - level two - wheelers, small cars, and hybrid passenger cars, and the proposal is expected to be implemented before October [13]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The lithium carbonate futures continued to fluctuate at the bottom, with the total open interest decreasing by 7,341 lots and the long - short game continuing to decline. The spot price increased during the day, with the price of electric carbon rising by 100 to 60,350. The prices of spodumene and lepidolite ore stopped falling, the price of lithium iron phosphate increased by 20 - 30, and the price of ternary materials decreased by 50 - 180. The price cut tide in the industrial chain slowed down, and there were no new changes in the fundamentals. The lithium carbonate futures once broke through the trend line during the day, but the upward trend was frustrated again due to the news of China - US negotiations. In the short term, lithium carbonate is still brewing a rebound, but the momentum is still insufficient. Before the demand side picks up, the price of lithium carbonate futures is expected to continue to fluctuate weakly at the bottom [8] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - The lithium carbonate futures continued to fluctuate at the bottom, with a decrease in total open interest and weak short - term rebound momentum. The price is expected to continue weak bottom - side fluctuations before the demand side recovers [8] 3.2. Industry News - Talon Metals plans to raise about C$24 million (US$17.6 million) for its Tamarack nickel - copper - cobalt project in Minnesota. The financing will be carried out through two independent financings, and the company's stock price tumbled as investors digested the pricing. Tamarack is a joint - venture project with Rio Tinto, which holds 51% of the equity [9] - Premium Resources has changed its name to NexMetals Mining to reflect its strategy of supplying key metals such as copper, nickel, and cobalt from Botswana. The name - change plan was approved by shareholders, and its stock will start trading under the new name and ticker "NEXM" on the TSX - V on June 11. The company announced a six - month aggressive strategy in April [9] - The Mianyang Liyuan New Energy Co., Ltd.'s project to produce 12 million lithium - ion energy - storage cells per year in Yanting County, Mianyang City, Sichuan Province, is under environmental impact assessment. The project plans to invest 50 million yuan and purchase more than 100 sets of intelligent equipment to form an annual production capacity of 12 million lithium - ion energy - storage cells [10]